P and L Managers, or Profit and Loss Managers, have unique
responsibilities in a company. They have to comb through their company’s
records to find ways they can spend their money in better ways. This practice
is called Profit and Loss analysis.
The best P and L Managers regularly analyze each expense and try
to come up with a profit margin for each. What is the company gaining by
spending a certain amount on a certain business expense? For hospitality
companies, P and L Managers are especially important because of the overhead
these companies often have. Hotels need a constant supply of fresh goods to
create the best experience for their customers. Since customers in high-end
hotels expect a certain level of comfort and pampering, those expenses have to
be covered by an analyst who can calculate how much the hotel makes from
providing towels and beauty products to their guests, for example.
P and L Managers, while important in almost every industry, help
hospitality companies provide their guests with excellent services so that they
can advertise for the company through word-of-mouth. This is the key method by
which hospitality companies grow and diversify. Without a P and L Manager, they
won’t know where they can cut losses and maximize profits.
Neil Castaldi is a P and L Manager with decades of experience in
the hospitality industry. He works as the VP of Operations for the Nottoway
Plantation, a sprawling antebellum-era property in southern Louisiana. For
decades, the venue has hosted weddings and other special events, as well as
guests staying on the grounds.
Also Read : Executive Company Leadership: P and L Management
